appConfigEntityId

bodyType

customContents

entityId

entityUuid

isVideo

articlePageQuery

article

articleSchemaContent

content

hooksArticlePageAdvertisementConfigArticle

hooksArticlePageFloatingButtonConfigArticle

appConfig

filter

json

liveArticle

Matthew Cheng

Fast-tracking the Northern Metropolis through a “large-scale land disposal” scheme underscores the government’s push to integrate technology, industry and talent while accelerating Hong Kong’s economic restructuring, the finance chief has said.
In a blog post on Sunday, Financial Secretary Paul Chan Mo-po said the megaproject’s success hinged on attracting “high-value-added, high-potential industries and high-quality companies to take root”, requiring market forces to be directed into industrial development.
“We are building a diverse and powerful momentum for the ‘integrated development of technology, industry and talent’,” Chan said.
“The government has set a clear vision, formulated long-term planning, and removed barriers, while the market has made investments, guided industries and conducted commercial operations.
“This chain connecting land, capital, and industry will accelerate the reshaping of Hong Kong’s economic and industrial structure.”
Chan’s remarks followed the recent award of the first pilot area under the “large-scale land disposal” scheme to a consortium of six companies, including mainland Chinese state-owned firms and a local developer.
The 10.5-hectare (25.9 acres) development project in Hung Shui Kiu forms part of the 30,000-hectare Northern Metropolis near the city’s border with the mainland, which is set to be transformed into an economic powerhouse and housing hub.




Chan said authorities had placed “greater emphasis on whether the bidders could introduce strategic industries, create jobs, and drive the development of industrial chains” during the tender evaluation.
“We ensured that the successful bidder is not merely engaged in real estate development but is a long-term strategic partner with comprehensive strengths and a track record in development,” he said.
Chan added that the “large-scale land disposal” project – which requires the winning bidder to develop commercially viable land alongside sites earmarked for public facilities – could leverage the private sector’s flexibility, market sensitivity, professional knowledge and experience while reducing the government’s cash outlay, describing it as a win-win approach.
He noted that the government had been actively raising funds for the metropolis through the bond market, adding that surging demand for Hong Kong bonds amid geopolitical tensions provided ample room to finance the megaproject using market resources.
Chan also emphasised that the ultimate success of the metropolis would rest on developing its innovation and technology sector, relying on the government’s investment arm, the Hong Kong Investment Corporation, and Hong Kong Science and Technology Parks to support and guide key industries and start-ups.

Separately, Secretary for Financial Services and the Treasury Christopher Hui Ching-yu said that expanding storage capacity and developing gold refining industries were central to the city’s ambitions to become a trading hub for the precious metal.
Hong Kong launched trial operations for its central gold clearing and settlement system in July, alongside the initial phase of Delivery Connect – a joint initiative with the Shanghai Gold Exchange to enable seamless cross-border physical gold settlement and delivery.
“The clearing system is just one part of the value chain. The government has [expanded] gold vaults at the airport, while the market has responded with some financial institutions saying they want to build their own storage,” Hui told a radio programme.
“Another important element is refining … Many overseas refiners are now actively looking to set up operations in Hong Kong, or some have already established a presence.”
Addressing Hong Kong’s aim of tapping into the lucrative Islamic finance market, Hui said both sides had to deepen collaboration.
He noted that Hong Kong’s gold market could better respond to demand from Islamic markets. He said the city could consider issuing yuan-denominated Islamic bonds to diversify its product suite.


Xi-Trump summit: Hong Kong’s Paul Chan predicts positive market response

Hong Kong is fast-tracking Northern Metropolis links. Will they be ready in time?

Trevor Noah shows underline need for action in Hong Kong on scalping

How Hong Kong companies are evolving with the times

Hong Kong economy

Northern Metropolis ‘large-scale land disposal’ a win-win, Paul Chan says

Hong Kong-Shenzhen Innovation and Technology Park. Photo: Edmond So

Christopher Hui says the city could consider issuing renminbi Islamic bonds to diversify Islamic investment products. Photo: Dickson Lee

Finance chief Paul Chan says the success of the Northern Metropolis depends on attracting high-value industries and companies. Photo: Nora Tam

Hong Kong launched trial operations for its central gold clearing and settlement system in July. Photo: dpa

Embrace AI to boost competitiveness, Paul Chan says at tech festival opening

Robots on display at the Hong Kong Computer and Communication Festival 2026. Photo: Dickson Lee

Visitors arrive at the convention centre on the first day of the Hong Kong Computer and Communications Festival 2026. Photo: Dickson Lee

A high-performance consumer 3D printer is on display at the festival. Photo: Dickson Lee

Impact of US trade policy shifts on Hong Kong ‘primarily psychological’: Paul Chan

Kwai Chung Container Terminal. The US is Hong Kong’s fourth largest export market. Photo: Elson Li

Paul Chan (second from right) has said that interest rates will see little change for the remainder of 2026, with one additional 0.25 per cent rate increase already priced in by the market. Photo: Karma Lo

Northern Metropolis gets vote of confidence as heavyweights win tender for HK$1.03b

The project covers 10.5 hectares of land in the Hung Shui Kiu area. Photo: Eugene Lee

News

Hong Kong

Hong Kong Economy

Finance chief says megaproject’s success depends on attracting high-value industries and firms, with market forces steered into industrial development


Finance chief says megaproject’s success depends on attracting high-value industries and firms, with market forces steered into industrial development.


Northern Metropolis

Paul Chan

China

Northern Metropolis ‘large-scale land disposal’ a win-win, Paul Chan says

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Finance chief says megaproject’s success depends on attracting high-value industries and firms, with market forces steered into industrial development

Finance chief says megaproject’s success depends on attracting high-value industries and firms, with market forces steered into industrial development